NY A08136

Allows counties, cities, towns, and villages to adopt local laws providing real property tax exemptions for parents of unmarried veterans killed in combat on their primary residence.

Exemption options include either 10 percent of assessed value (capped at $8,000 or the product of $8,000 multiplied by the latest state equalization rate) or 15 percent of assessed value (capped at $12,000 or the product of $12,000 multiplied by the latest state equalization rate).

Exemption is granted for a ten-year period, measured from the first taxable status date on or after the local law's effective date, or from sixty days after property purchase if acquired later; exemption may transfer to replacement residential property for the unexpired portion of the ten-year period.

Qualified parents must apply on a Commissioner-prescribed form by the first appropriate taxable status date and are not required to refile annually unless disability percentage changes or other qualifying changes occur; cities with populations of one million or more allow applications through March 15.

Local governing bodies may repeal the exemption with at least ninety days' notice prior to the taxable status date, and municipalities may reduce maximum exemption amounts to $6,000, $9,000, and $30,000.